or
|
Columbus
McKinnon Corporation
|
|
(Exact
name of registrant as specified in its charter)
|
|
New
York
|
16-0547600
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
140
John James Audubon Parkway, Amherst, NY
|
14228-1197
|
(Address
of principal executive offices)
|
(Zip
code)
|
(716)
689-5400
|
|
(Registrant's
telephone number, including area code)
|
|
|
|
(Former
name, former address and former fiscal year, if changed since last
report.)
|
Large
accelerated
filer [ ]
|
Accelerated
filer [X]
|
Non-accelerated
filer [ ] (Do not check if a smaller
reporting company)
|
Smaller
Reporting Company [ ]
|
Page #
|
||
Part
I. Financial Information
|
||
Item
1.
|
Condensed
Consolidated Financial Statements (Unaudited)
|
|
2
|
||
3
|
||
4
|
||
5
|
||
6
|
||
Item
2.
|
15
|
|
Item
3.
|
20
|
|
Item
4.
|
20
|
|
Part
II. Other Information
|
||
Item
1.
|
21
|
|
Item
1A.
|
21
|
|
Item
2.
|
21
|
|
Item
3.
|
21
|
|
Item
4.
|
21
|
|
Item
5.
|
21
|
|
Item
6.
|
21
|
June
29,
|
March 31,
|
|||||||
2008
|
2008
|
|||||||
ASSETS:
|
(In
thousands)
|
|||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 84,834 | $ | 75,994 | ||||
Trade
accounts receivable
|
93,736 | 93,833 | ||||||
Inventories
|
89,071 | 84,286 | ||||||
Prepaid
expenses
|
32,610 | 17,320 | ||||||
Current
assets of discontinued operations
|
- | 17,334 | ||||||
Total
current assets
|
300,251 | 288,767 | ||||||
Property,
plant, and equipment, net
|
53,374 | 53,420 | ||||||
Goodwill
and other intangibles, net
|
187,348 | 187,376 | ||||||
Marketable
securities
|
30,098 | 29,807 | ||||||
Deferred
taxes on income
|
16,390 | 17,570 | ||||||
Other
assets
|
6,695 | 8,094 | ||||||
Assets
of discontinued operations
|
- | 5,001 | ||||||
Total
assets
|
$ | 594,156 | $ | 590,035 | ||||
LIABILITIES
AND SHAREHOLDERS' EQUITY:
|
||||||||
Current
liabilities:
|
||||||||
Notes
payable to banks
|
$ | 28 | $ | 36 | ||||
Trade
accounts payable
|
34,606 | 35,149 | ||||||
Accrued
liabilities
|
55,696 | 52,265 | ||||||
Restructuring
reserve
|
- | 58 | ||||||
Current
portion of long-term debt
|
332 | 326 | ||||||
Current
liabilities of discontinued operations
|
15,191 | 24,955 | ||||||
Total
current liabilities
|
105,853 | 112,789 | ||||||
Senior
debt, less current portion
|
2,986 | 3,066 | ||||||
Subordinated
debt
|
129,855 | 129,855 | ||||||
Other
non-current liabilities
|
49,294 | 48,844 | ||||||
Total
liabilities
|
287,988 | 294,554 | ||||||
Shareholders'
equity
|
||||||||
Common
stock
|
190 | 189 | ||||||
Additional
paid-in capital
|
179,374 | 178,457 | ||||||
Retained
earnings
|
131,296 | 122,400 | ||||||
ESOP
debt guarantee
|
(2,694 | ) | (2,824 | ) | ||||
Accumulated
other comprehensive loss
|
(1,998 | ) | (2,741 | ) | ||||
Total
shareholders' equity
|
306,168 | 295,481 | ||||||
Total
liabilities and shareholders' equity
|
$ | 594,156 | $ | 590,035 |
Three Months Ended
|
||||||||
June
29,
|
July
1,
|
|||||||
2008
|
2007
|
|||||||
(In
thousands)
|
||||||||
Net
sales
|
$ | 151,164 | $ | 141,450 | ||||
Cost
of products sold
|
102,639 | 98,118 | ||||||
Gross
profit
|
48,525 | 43,332 | ||||||
Selling
expenses
|
18,202 | 15,544 | ||||||
General
and administrative expenses
|
9,901 | 8,277 | ||||||
Restructuring
charges
|
- | 8 | ||||||
Amortization
of intangibles
|
27 | 28 | ||||||
28,130 | 23,857 | |||||||
Income
from operations
|
20,395 | 19,475 | ||||||
Interest
and debt expense
|
3,193 | 3,960 | ||||||
Investment
income
|
(291 | ) | (294 | ) | ||||
Other
(income) and expense, net
|
(772 | ) | (939 | ) | ||||
Income
before income tax expense
|
18,265 | 16,748 | ||||||
Income
tax expense
|
6,499 | 6,294 | ||||||
Income
from continuing operations
|
11,766 | 10,454 | ||||||
Loss
from discontinued operations (net of tax benefit)
|
(2,096 | ) | (934 | ) | ||||
Net
income
|
9,670 | 9,520 | ||||||
Retained earnings
- beginning of period
|
122,400 | 85,237 | ||||||
Change
in accounting principle (note 11)
|
(774 | ) | (186 | ) | ||||
Retained
earnings - end
of period
|
$ | 131,296 | $ | 94,571 | ||||
Basic
income per share:
|
||||||||
Income
from continuing operations
|
$ | 0.62 | $ | 0.56 | ||||
Loss
from discontinued operations
|
(0.11 | ) | (0.05 | ) | ||||
Net
income
|
$ | 0.51 | $ | 0.51 | ||||
Diluted
income per share:
|
||||||||
Income
from continuing operations
|
$ | 0.61 | $ | 0.55 | ||||
Loss
from discontinued operations
|
(0.11 | ) | (0.05 | ) | ||||
Net
income
|
$ | 0.50 | $ | 0.50 |
Three Months Ended
|
||||||||
June
29,
|
July
1,
|
|||||||
2008
|
2007
|
|||||||
(In
thousands)
|
||||||||
OPERATING
ACTIVITIES:
|
||||||||
Income
from continuing operations
|
$ | 11,766 | $ | 10,454 | ||||
Adjustments
to reconcile income from continuing
operations to net cash provided
by operating activities:
|
||||||||
Depreciation and
amortization
|
2,172 | 2,091 | ||||||
Deferred income
taxes
|
1,180 | 6,072 | ||||||
Gain on sale of real
estate/investments
|
(48 | ) | (325 | ) | ||||
Stock-based
compensation
|
408 | 195 | ||||||
Amortization/write-off of
deferred financing costs
|
133 | 163 | ||||||
Changes in operating assets and
liabilities
net of effects of business
divestitures:
|
||||||||
Trade accounts
receivable
|
247 | 130 | ||||||
Inventories
|
(4,613 | ) | (7,064 | ) | ||||
Prepaid expenses
|
(1,236 | ) | 409 | |||||
Other assets
|
1,244 | (118 | ) | |||||
Trade accounts
payable
|
(551 | ) | 3,201 | |||||
Accrued and non-current
liabilities
|
1,347 | (3,188 | ) | |||||
Net
cash provided by operating activities from continuing
operations
|
12,049 | 12,020 | ||||||
Net
cash used by operating activities from discontinued
operations
|
(2,218 | ) | (2,359 | ) | ||||
Net
cash provided by operating activities
|
9,831 | 9,661 | ||||||
INVESTING
ACTIVITIES:
|
||||||||
Proceeds
from sale of marketable securities
|
170 | 12,776 | ||||||
Purchases
of marketable securities
|
(667 | ) | (12,663 | ) | ||||
Capital
expenditures
|
(2,118 | ) | (2,530 | ) | ||||
Proceeds
from sale of assets
|
- | 5,454 | ||||||
Net
cash (used) provided by investing activities from continuing
operations
|
(2,615 | ) | 3,037 | |||||
Net
cash provided by investing activities from discontinued
operations
|
139 | 116 | ||||||
Net
cash (used) provided by investing activities
|
(2,476 | ) | 3,153 | |||||
FINANCING
ACTIVITIES:
|
||||||||
Proceeds
from exercise of stock options
|
221 | 569 | ||||||
Net
payments under revolving line-of-credit agreements
|
(8 | ) | (671 | ) | ||||
Repayment
of debt
|
(74 | ) | (21 | ) | ||||
Other
|
317 | 142 | ||||||
Net
cash provided by financing activities from continuing
operations
|
456 | 19 | ||||||
Net
cash provided (used) by financing activities from
discontinued operations
|
579 | (398 | ) | |||||
Net
cash provided (used) by financing activities
|
1,035 | (379 | ) | |||||
Effect
of exchange rate changes on cash
|
450 | 808 | ||||||
Net
change in cash and cash equivalents
|
8,840 | 13,243 | ||||||
Cash
and cash equivalents at beginning of year
|
75,994 | 48,655 | ||||||
Cash
and cash equivalents at end of year
|
$ | 84,834 | $ | 61,898 |
Three Months Ended
|
||||||||
June
29,
|
July
1,
|
|||||||
2008
|
2007
|
|||||||
(In
thousands)
|
||||||||
Net
income
|
$ | 9,670 | $ | 9,520 | ||||
Other
comprehensive income, net of tax:
|
||||||||
Foreign
currency translation adjustments
|
947 | 1,637 | ||||||
Unrealized
loss on investments:
|
||||||||
Unrealized
holding (loss) gain arising during the period
|
(206 | ) | 1 | |||||
Reclassification
adjustment for loss (gain) included in net income
|
2 | (44 | ) | |||||
(204 | ) | (43 | ) | |||||
Total
other comprehensive income
|
743 | 1,594 | ||||||
Comprehensive
income
|
$ | 10,413 | $ | 11,114 |
Three Months Ended
|
||||||||
June
29,
|
July
1,
|
|||||||
2008
|
2007
|
|||||||
Net sales
|
$ | 8,982 | $ | 6,660 | ||||
Loss before income tax
benefit
|
(1,655 | ) | (1,411 | ) | ||||
Income
tax benefit
|
- | (338 | ) | |||||
Loss from operations, net of tax
benefit
|
(1,655 | ) | (1,073 | ) | ||||
Loss
on sale of discontinued operations
|
(14,627 | ) | - | |||||
Loss
from discontinued operations
|
(16,282 | ) | (1,073 | ) | ||||
Tax
benefit from sale
|
14,047 | - | ||||||
Loss
from discontinued operations, net of tax benefit
|
$ | (2,235 | ) | $ | (1,073 | ) |
Fair
value measurements at reporting date using
|
||||||||||||||||
Description
|
At
June 29, 2008
|
Quoted
prices in active markets for identical assets
(Level
1)
|
Significant
other observable inputs
(Level
2)
|
Significant
unobservable inputs
(Level
3)
|
||||||||||||
Assets:
|
||||||||||||||||
Marketable
securities
|
$ | 30,098 | $ | 30,098 | $ | - | $ | - |
June
29,
|
March 31,
|
|||||||
2008
|
2008
|
|||||||
At
cost - FIFO basis:
|
||||||||
Raw
materials
|
$ | 47,608 | $ | 44,594 | ||||
Work-in-process
|
11,177 | 10,454 | ||||||
Finished
goods
|
46,451 | 44,102 | ||||||
105,236 | 99,150 | |||||||
LIFO
cost less than FIFO cost
|
(16,165 | ) | (14,864 | ) | ||||
Net
inventories
|
$ | 89,071 | $ | 84,286 |
Three Months Ended
|
||||||||
June
29,
|
July
1,
|
|||||||
2008
|
2007
|
|||||||
Service costs
|
$ | 1,106 | $ | 1,094 | ||||
Interest cost
|
2,206 | 2,019 | ||||||
Expected return on plan
assets
|
(2,299 | ) | (2,043 | ) | ||||
Net amortization
|
294 | 450 | ||||||
Net periodic pension
cost
|
$ | 1,307 | $ | 1,520 |
Three Months Ended
|
||||||||
June
29,
|
July
1,
|
|||||||
2008
|
2007
|
|||||||
Service costs
|
$ | 1 | $ | 1 | ||||
Interest cost
|
167 | 146 | ||||||
Amortization of plan net
losses
|
115 | 96 | ||||||
Net periodic postretirement
cost
|
$ | 283 | $ | 243 |
Three Months Ended
|
||||||||
June
29,
|
July
1,
|
|||||||
2008
|
2007
|
|||||||
Numerator
for basic and diluted earnings per share:
|
||||||||
Net
income
|
$ | 9,670 | $ | 9,520 | ||||
Denominators:
|
||||||||
Weighted-average
common stock outstanding -denominator for basic EPS
|
18,819 | 18,638 | ||||||
Effect
of dilutive employee stock options and awards
|
402 | 450 | ||||||
Adjusted
weighted-average common stock outstanding and assumed conversions –
denominator for diluted EPS
|
19,221 | 19,088 |
Parent
|
Guarantors
|
Non
Guarantors
|
Eliminations
|
Consolidated
|
||||||||||||||||
As
of June 29, 2008
|
||||||||||||||||||||
Current
assets:
|
||||||||||||||||||||
Cash and cash
equivalents
|
$ | 35,710 | $ | 51 | $ | 49,073 | $ | — | $ | 84,834 | ||||||||||
Trade accounts
receivable
|
61,703 | 5 | 32,028 | — | 93,736 | |||||||||||||||
Inventories
|
36,974 | 18,967 | 35,495 | (2,365 | ) | 89,071 | ||||||||||||||
Other current
assets
|
22,606 | 976 | 9,028 | — | 32,610 | |||||||||||||||
Total current
assets
|
156,993 | 19,999 | 125,624 | (2,365 | ) | 300,251 | ||||||||||||||
Property, plant, and equipment,
net
|
26,345 | 11,810 | 15,219 | — | 53,374 | |||||||||||||||
Goodwill and other intangibles,
net
|
89,005 | 57,033 | 41,310 | — | 187,348 | |||||||||||||||
Intercompany
|
50,231 | (55,554 | ) | (66,965 | ) | 72,288 | — | |||||||||||||
Other assets
|
77,239 | 194,783 | 31,018 | (249,857 | ) | 53,183 | ||||||||||||||
Total assets
|
$ | 399,813 | $ | 228,071 | $ | 146,206 | $ | (179,934 | ) | $ | 594,156 | |||||||||
Current
liabilities of continuing operations
|
$ | 43,099 | $ | 16,618 | $ | 33,911 | $ | (2,966 | ) | $ | 90,662 | |||||||||
Current
liabilities of discontinued operations
|
— | — | 15,191 | — | 15,191 | |||||||||||||||
Current
liabilities
|
43,099 | 16,618 | 49,102 | (2,966 | ) | 105,853 | ||||||||||||||
Long-term
debt, less current portion
|
129,855 | 2,763 | 223 | — | 132,841 | |||||||||||||||
Other
non-current liabilities
|
12,018 | 10,593 | 26,683 | — | 49,294 | |||||||||||||||
Total
liabilities
|
184,972 | 29,974 | 76,008 | (2,966 | ) | 287,988 | ||||||||||||||
Shareholders'
equity
|
214,841 | 198,097 | 70,198 | (176,968 | ) | 306,168 | ||||||||||||||
Total liabilities and
shareholders' equity
|
$ | 399,813 | $ | 228,071 | $ | 146,206 | $ | (179,934 | ) | $ | 594,156 |
For
the Three Months Ended June 29, 2008
|
||||||||||||||||||||
Net
sales
|
$ | 75,255 | $ | 43,093 | $ | 44,037 | $ | (11,221 | ) | $ | 151,164 | |||||||||
Cost
of products sold
|
54,048 | 32,295 | 27,517 | (11,221 | ) | 102,639 | ||||||||||||||
Gross
profit
|
21,207 | 10,798 | 16,520 | — | 48,525 | |||||||||||||||
Selling,
general and administrative expenses
|
14,661 | 3,367 | 10,075 | — | 28,103 | |||||||||||||||
Amortization
of intangibles
|
26 | 1 | — | — | 27 | |||||||||||||||
14,687 | 3,368 | 10,075 | — | 28,130 | ||||||||||||||||
Income
from operations
|
6,520 | 7,430 | 6,445 | — | 20,395 | |||||||||||||||
Interest
and debt expense
|
2,762 | 400 | 31 | — | 3,193 | |||||||||||||||
Other
(income) and expense, net
|
(280 | ) | (24 | ) | (759 | ) | — | (1,063 | ) | |||||||||||
Income
before income tax expense
|
4,038 | 7,054 | 7,173 | — | 18,265 | |||||||||||||||
Income
tax expense
|
1,678 | 2,777 | 2,044 | — | 6,499 | |||||||||||||||
Income
from continuing operations
|
2,360 | 4,277 | 5,129 | — | 11,766 | |||||||||||||||
Income
(loss) from discontinued operations
|
139 | — | (2,235 | ) | — | (2,096 | ) | |||||||||||||
Net
income
|
$ | 2,499 | $ | 4,277 | $ | 2,894 | $ | — | $ | 9,670 |
Parent
|
Guarantors
|
Non
Guarantors
|
Eliminations
|
Consolidated
|
||||||||||||||||
For
the Three Months Ended June 29, 2008
|
||||||||||||||||||||
Operating
activities:
|
||||||||||||||||||||
Net
cash provided by operating activities from continuing
operations
|
$ | 4,042 | $ | 697 | $ | 7,310 | $ | — | $ | 12,049 | ||||||||||
Net
cash used by operating activities from discontinued
operations
|
— | — | (2,218 | ) | — | (2,218 | ) | |||||||||||||
Net
cash provided by operating activities
|
4,042 | 697 | 5,092 | — | 9,831 | |||||||||||||||
Investing
activities:
|
||||||||||||||||||||
Purchase
of marketable securities, net
|
— | — | (497 | ) | — | (497 | ) | |||||||||||||
Capital
expenditures
|
(809 | ) | (257 | ) | (1,052 | ) | — | (2,118 | ) | |||||||||||
Net
cash used by investing activities from continuing
operations
|
(809 | ) | (257 | ) | (1,549 | ) | — | (2,615 | ) | |||||||||||
Net
cash provided by investing activities from discontinued
operations
|
139 | — | — | — | 139 | |||||||||||||||
Net
cash used by investing activities
|
(670 | ) | (257 | ) | (1,549 | ) | — | (2,476 | ) | |||||||||||
Financing
activities:
|
||||||||||||||||||||
Proceeds
from stock options exercised
|
221 | — | — | — | 221 | |||||||||||||||
Net
payments under revolving line-of-creditagreements
|
— | — | (8 | ) | — | (8 | ) | |||||||||||||
Repayment
of debt
|
— | (46 | ) | (28 | ) | — | (74 | ) | ||||||||||||
Other
|
317 | — | — | — | 317 | |||||||||||||||
Net
cash provided (used) by financing activities from continuing
operations
|
538 | (46 | ) | (36 | ) | — | 456 | |||||||||||||
Net
cash provided by financing activities from discontinued
operations
|
— | — | 579 | — | 579 | |||||||||||||||
Net
cash provided (used) by financing activities
|
538 | (46 | ) | 543 | — | 1,035 | ||||||||||||||
Effect
of exchange rate changes on cash
|
— | (2 | ) | 452 | — | 450 | ||||||||||||||
Net
change in cash and cash equivalents
|
3,910 | 392 | 4,538 | — | 8,840 | |||||||||||||||
Cash
and cash equivalents at beginning of period
|
31,800 | (341 | ) | 44,535 | — | 75,994 | ||||||||||||||
Cash
and cash equivalents at end of period
|
$ | 35,710 | $ | 51 | $ | 49,073 | $ | — | $ | 84,834 |
Parent
|
Guarantors
|
Non
Guarantors
|
Eliminations
|
Consolidated
|
||||||||||||||||
As
of March 31, 2008
|
||||||||||||||||||||
Current
assets:
|
||||||||||||||||||||
Cash and cash
equivalents
|
$ | 31,800 | $ | (341 | ) | $ | 44,535 | $ | — | $ | 75,994 | |||||||||
Trade accounts
receivable
|
62,992 | — | 30,841 | — | 93,833 | |||||||||||||||
Inventories
|
35,375 | 18,797 | 32,479 | (2,365 | ) | 84,286 | ||||||||||||||
Other current
assets
|
8,264 | 1,025 | 8,031 | — | 17,320 | |||||||||||||||
Current assets of discontinued
operations
|
— | — | 17,334 | — | 17,334 | |||||||||||||||
Total current
assets
|
138,431 | 19,481 | 133,220 | (2,365 | ) | 288,767 | ||||||||||||||
Property, plant, and equipment,
net
|
26,834 | 11,916 | 14,670 | — | 53,420 | |||||||||||||||
Goodwill and other intangibles,
net
|
89,008 | 57,034 | 41,334 | — | 187,376 | |||||||||||||||
Intercompany
|
50,555 | (59,869 | ) | (64,821 | ) | 74,135 | — | |||||||||||||
Other assets
|
79,909 | 194,783 | 30,636 | (249,857 | ) | 55,471 | ||||||||||||||
Assets of discontinued
operations
|
— | — | 5,001 | — | 5,001 | |||||||||||||||
Total assets
|
$ | 384,737 | $ | 223,345 | $ | 160,040 | $ | (178,087 | ) | $ | 590,035 | |||||||||
Current
liabilities of continuous operations
|
$ | 42,714 | $ | 15,951 | $ | 30,288 | $ | (1,119 | ) | $ | 87,834 | |||||||||
Current
liabilities of discontinued operations
|
— | — | 24,955 | — | 24,955 | |||||||||||||||
Current
liabilities
|
42,714 | 15,951 | 55,243 | (1,119 | ) | 112,789 | ||||||||||||||
Long-term
debt, less current portion
|
129,855 | 2,815 | 251 | — | 132,921 | |||||||||||||||
Other
non-current liabilities
|
12,312 | 10,757 | 25,775 | — | 48,844 | |||||||||||||||
Total
liabilities
|
184,881 | 29,523 | 81,269 | (1,119 | ) | 294,554 | ||||||||||||||
Shareholders'
equity
|
199,856 | 193,822 | 78,771 | (176,968 | ) | 295,481 | ||||||||||||||
Total liabilities and
shareholders' equity
|
$ | 384,737 | $ | 223,345 | $ | 160,040 | $ | (178,087 | ) | $ | 590,035 |
For
the Three Months Ended July 1, 2007
|
||||||||||||||||||||
Net
sales
|
$ | 74,263 | $ | 41,361 | $ | 35,110 | $ | (9,284 | ) | $ | 141,450 | |||||||||
Cost
of products sold
|
54,410 | 30,428 | 22,564 | (9,284 | ) | 98,118 | ||||||||||||||
Gross
profit
|
19,853 | 10,933 | 12,546 | — | 43,332 | |||||||||||||||
Selling,
general and administrative expenses
|
12,770 | 3,195 | 7,856 | — | 23,821 | |||||||||||||||
Restructuring
charges
|
8 | — | — | — | 8 | |||||||||||||||
Amortization
of intangibles
|
24 | 1 | 3 | — | 28 | |||||||||||||||
12,802 | 3,196 | 7,859 | — | 23,857 | ||||||||||||||||
Income
from operations
|
7,051 | 7,737 | 4,687 | — | 19,475 | |||||||||||||||
Interest
and debt expense
|
2,920 | 997 | 43 | — | 3,960 | |||||||||||||||
Other
(income) and expense, net
|
(364 | ) | (250 | ) | (619 | ) | — | (1,233 | ) | |||||||||||
Income
before income tax expense
|
4,495 | 6,990 | 5,263 | — | 16,748 | |||||||||||||||
Income
tax expense
|
1,827 | 2,740 | 1,727 | — | 6,294 | |||||||||||||||
Income
from continuing operations
|
2,668 | 4,250 | 3,536 | — | 10,454 | |||||||||||||||
Income
(loss) from discontinued operations
|
139 | — | (1,073 | ) | — | (934 | ) | |||||||||||||
Net
income
|
$ | 2,807 | $ | 4,250 | $ | 2,463 | $ | — | $ | 9,520 |
Parent
|
Guarantors
|
Non
Guarantors
|
Eliminations
|
Consolidated
|
||||||||||||||||
For
the Three Months Ended July 1, 2007
|
||||||||||||||||||||
Operating
activities:
|
||||||||||||||||||||
Net
cash provided (used) by operating activities from continuing
operations
|
$ | 15,227 | $ | (5,260 | ) | $ | 2,053 | $ | — | $ | 12,020 | |||||||||
Net
cash used by operating activities from discontinued
operations
|
— | — | (2,359 | ) | — | (2,359 | ) | |||||||||||||
Net
cash provided (used) by operating activities
|
15,227 | (5,260 | ) | (306 | ) | — | 9,661 | |||||||||||||
Investing
activities:
|
||||||||||||||||||||
Sale
of marketable securities, net
|
— | — | 113 | — | 113 | |||||||||||||||
Capital
expenditures
|
(1,609 | ) | (699 | ) | (222 | ) | — | (2,530 | ) | |||||||||||
Proceeds
from sale of assets
|
— | 5,454 | — | — | 5,454 | |||||||||||||||
Net
cash (used) provided by investing activities from continuing
operations
|
(1,609 | ) | 4,755 | (109 | ) | — | 3,037 | |||||||||||||
Net
cash provided by investing activities from discontinued
operations
|
139 | — | (23 | ) | — | 116 | ||||||||||||||
Net
cash (used) provided by investing activities
|
(1,470 | ) | 4,755 | (132 | ) | — | 3,153 | |||||||||||||
Financing
activities:
|
||||||||||||||||||||
Proceeds
from stock options exercised
|
569 | — | — | — | 569 | |||||||||||||||
Net
payments under revolving line-of-creditagreements
|
— | — | (671 | ) | — | (671 | ) | |||||||||||||
Repayment
of debt
|
— | — | (21 | ) | — | (21 | ) | |||||||||||||
Other
|
142 | — | — | — | 142 | |||||||||||||||
Net
cash provided (used) by financing activities from continuing
operations
|
711 | — | (692 | ) | — | 19 | ||||||||||||||
Net
cash used by financing activities from discontinued
operations
|
— | — | (398 | ) | — | (398 | ) | |||||||||||||
Net
cash provided (used) by financing activities
|
711 | — | (1,090 | ) | — | (379 | ) | |||||||||||||
Effect
of exchange rate changes on cash
|
— | (24 | ) | 832 | — | 808 | ||||||||||||||
Net
change in cash and cash equivalents
|
14,468 | (529 | ) | (696 | ) | — | 13,243 | |||||||||||||
Cash
and cash equivalents at beginning of period
|
18,366 | (1,162 | ) | 31,451 | — | 48,655 | ||||||||||||||
Cash
and cash equivalents at end of period
|
$ | 32,834 | $ | (1,691 | ) | $ | 30,755 | $ | — | $ | 61,898 |
Item
4.
|
Controls
and Procedures
|
Item
1.
|
Legal
Proceedings – none.
|
Item
1A.
|
Risk
Factors
|
|
No
material changes from risk factors as previously disclosed in the
Company’s Form 10-K for the year ended March 31,
2008.
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds –
none.
|
Item
3.
|
Defaults
upon Senior Securities – none.
|
Item
4.
|
Submission
of Matters to a Vote of Security Holders –
none.
|
Item
5.
|
Other
Information – none.
|
Item
6.
|
Exhibits
|
(a)
|
Exhibits:
|
Certification
of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the
Securities Exchange Act of 1934; as adopted pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
|
Certification
of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the
Securities Exchange Act of 1934; as adopted pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
|
|
Certification
pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002.
|
COLUMBUS McKINNON
CORPORATION
|
|||
(Registrant)
|
|||
Date:
August 7, 2008
|
/s/ Karen L. Howard
|
||
Karen
L. Howard
|
|||
Vice
President and Chief Financial Officer
|
|||
(Principal Financial
Officer)
|